What a difference a couple of years make! Amyris landed a spot on our 2021 Power Players Investor List; this year, the biotech business stole headlines by filing for bankruptcy and exiting the consumer portfolio it built through acquisition and incubation.The themes that dominated 2023 were inflation, curbed spending, and ongoing geopolitical turmoil. US venture capital hit a six-year low, raising $67 billion in 2023, representing a 60% decline from the $173 billion raised in 2022, according to PitchBook and the National Venture Capital Association. The narrative of 2023 sounds dire, but the beauty sector remained largely resilient and growing. McKinsey estimates the global beauty industry will reach over $580 billion in retail sales by 2027, growing at 6% annually.While the future is bright for beauty, it's not immune to economic and investment trends. For some, it was a period of reckoning that resulted in a record number of brand closures, bankruptcies, and distressed sales, representing an opportunity for a particular class of investors. The funding environment has become more bearish, and most investors have become more conservative, forcing brands looking for funding to focus on capital efficiency, attractive margins, diversified distribution, innovative products, and a clear path to profitability.For the third year, we've surfaced six of the most active investors based on dealmaking tracked in our BeautyMatter Index. L Catterton has made the list two years running with a very active second half of 2023, as the LVMH-backed investment firm continues to build its beauty portfolio.